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PBOC cut interest rates to curb the risk of bad assets

  • Author:tracy
  • Source:http://www.tigloncn.com
  • Release on :2014-11-24
  On November 21, People’s Bank of China cut its benchmark lending rate by 0.4 percentage points, while only lowering its deposit rate by 0.25 percentage points. It was a departure from previous rate cuts in which the two benchmarks were reduced by equal amounts, thus putting pressure on Chinese banks’ margins. Only a handful of small Chinese lenders have set deposit rates in line with a higher ceiling authorised by the central bank.
  Analysts said the PBoC’s rate cut – its first since 2012 – was intended not just to revive the slowing economy, which last quarter grew at its slowest pace in five years, but also to reduce corporate debt burdens and avert a build-up in non-performing loans. [The rate cut] reflects government concern about the near-term growth outlook and [its] desperate efforts to lower the funding cost for the corporate sector. Over the weekend, a senior official at the China Banking Regulatory Commission warned that banks’ reported bad loans were only “the tip of the iceberg”.





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